One of the benefits of Single Touch Payroll for employers is that you will no longer have to issue a year-end payment summary to employees. Payment information is sent to the ATO every time you run your payroll and will be available to the employee via their MyGov account.
Employees will be able to view their income statements (formally called Payment Summaries) throughout the year as well as Superannuation information. This availability and transparency of information is generally a good thing; however, it may also result in more employee or ATO enquires. This will place added pressure on processing pays correctly and meeting your employer obligations in a timely manner.Employers need to ensure they are ready to embrace the disciplines that Single Touch Payroll will demand.